The ever-increasing number of agencies sold to large acquirers may have independent agency owners wondering if they’ve “missed the boat” if they don’t sell. Deloitte reports in its “2022 Insurance M&A Outlook” that broker deal volume was up 40% at the end of 2021 over 2020. Aggregate deal value increased 165% from $21.6 billion in… Continue reading Fear of Missing Out? What to Consider Before Selling Your Agency
Author: Farkas Laura
U.S. Companies Face Hurdles in Moving Production Closer to Home
Experts warn that companies using nearshoring strategies to strengthen their supply chains may be bringing production problems closer to home. Importers in the United States who are considering shifting their sourcing from the Asia-Pacific region to Mexico and deeper into Latin America are finding it more difficult to find suppliers with the right raw materials,… Continue reading U.S. Companies Face Hurdles in Moving Production Closer to Home
Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
When the Federal Emergency Management Agency overhauled its beleaguered National Flood Insurance Program last April, it promised that larger, more expensive homes would bear the brunt of premium increases, while nearly 90% of policyholders would see their costs remain stable or decrease. According to a new report from the real estate firm Redfin, when the… Continue reading Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts
Fidelity Investments will be the first major retirement-plan provider to allow investors to include a bitcoin account in their 401(k). Employees won’t be able to start adding cryptocurrencies to their retirement accounts right away, but later this year, the 23,000 companies that use Fidelity to manage their retirement plans will have the option to include… Continue reading Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts
ADP Global Survey: Two-thirds of Workers Might Seek New Jobs if Forced Back to Office
Worker demands for greater flexibility and security, fueled by the pandemic and a tight labor market, are only intensifying as the global economy reopens and some companies try to entice employees back to the office, according to a survey of nearly 33,000 people conducted by payroll provider ADP. According to the survey, two-thirds of workers… Continue reading ADP Global Survey: Two-thirds of Workers Might Seek New Jobs if Forced Back to Office
Ryan Specialty and Nationwide Build Upon Joint Venture Relationship
Ryan Specialty is pleased to announce a new strategic arrangement with US-based Nationwide to support innovation and address needs in the specialty insurance marketplace. The companies remain parties to a joint venture first entered into in May 2019 that established Bermuda-based reinsurer, Geneva Re Ltd. Expanding on their strong relationship, this new strategic arrangement provides… Continue reading Ryan Specialty and Nationwide Build Upon Joint Venture Relationship
Alliant Insurance Services’ Harrison Burka and Taylor Forst Win Business Insurance Break Out Awards
Harrison Burka and Taylor Forst of Alliant Insurance Services have won the prestigious Break Out Award from Business Insurance. The award recognizes up-and-coming insurance professionals who have exemplified outstanding knowledge, client-first service, and leadership. “Harrison and Taylor have led the way with a combination of entrepreneurial thinking and results-driven solutions,” said Tom Corbett, Chairman and… Continue reading Alliant Insurance Services’ Harrison Burka and Taylor Forst Win Business Insurance Break Out Awards
Bermuda Reinsurers Oppose S&P Ratings’ Proposed Debt Treatment
The Association of Bermuda Insurers and Reinsurers (ABIR) is strongly opposing a proposal by Standard & Poor’s Global Ratings to disallow senior debt as a form of available capital, calling the draft plan “disruptive” and an “overuse of market power.” ABIR’s technical response on numerous fronts is detailed in a 20-page letter to S&P, which… Continue reading Bermuda Reinsurers Oppose S&P Ratings’ Proposed Debt Treatment
California Streamlines Workplace Pandemic Rules, Including Mask-Wearing and Exclusion Pay
Minor changes to coronavirus prevention procedures will be implemented in California workplaces under new rules adopted Thursday that will be in effect until the end of the year. Many of the rules are now linked to California Department of Public Health (CDPH) guidelines, giving them more leeway because that agency is more adaptable to changing… Continue reading California Streamlines Workplace Pandemic Rules, Including Mask-Wearing and Exclusion Pay
Allstate to Increase Size of Automatic Rate Hikes in 2022
Allstate announced another increase in auto insurance rates due to continued increases in physical damage and injury severity. According to a statement issued on April 21 by the personal property insurer, unfavorable re-estimates of prior-year non-catastrophic reserves in the first quarter were approximately $160 million, reflecting the impact of “rapidly increasing costs of losses since… Continue reading Allstate to Increase Size of Automatic Rate Hikes in 2022